Word: imf
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Dates: during 2000-2009
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...Brazil, economic policymaking has been almost paralyzed by the grave illness of Tancredo Neves, the first civilian to be elected as the country's President after 21 years of military rule. Meanwhile, the IMF has suspended $1.5 billion in loans that the country had expected to receive from the fund. Following the IMF's stern lead, banks in the U.S. and Western Europe halted talks with Brazil about rescheduling payments on its $102 billion debt. One of the main reasons for the IMF's action was that Brazil's annual inflation rate has been running higher than 230%, far above...
...IMF has also shut off credit to Argentina, which owes $48 billion in loans. Although the country promised the IMF last September that it would slash inflation from a 687% annual rate to 300%, prices are now rising at an 851% pace. The government is trying to slow the whirlwind by limiting wage hikes to 90% of the previous month's cost of living increases, but that policy has led to a series of strikes, which threaten to stall economic growth. Admits President Raúl Alfonsín: "The government is multiplying its efforts to get the country back on its feet...
RESCUE THE IMF AND WORLD BANK. They have the experience and technical sophistication to play an important role. They have the internal motivation of a highly professional staff. Yet they have been used like debt-collection agencies for the big creditor countries. It's time to restore their role in helping all 182 of their member countries, not just the rich ones, in the pursuit of enlightened globalization...
...past quarter-century, when poor countries have pleaded with the rich world for help, they have been sent to the world money doctor, the International Monetary Fund. For a quarter-century, and changing only very recently, the main IMF prescription has been budgetary belt-tightening for patients much too poor to own belts. IMF-led austerity has frequently resulted in riots, coups and the collapse of public services. Finally, however, that approach is beginning to change...
DATA GATHERED The computer files contain photographs of the heads of the institutions, as well as a photo of British Chancellor of the Exchequer Gordon Brown, who attends annual IMF meetings. A book or pamphlet describing the layout of the World Bank was scanned into the computer in its entirety in February...